Canadian Natural Resources Full Year 2024 Earnings: EPS Misses Expectations

Canadian Natural Resources (TSE:CNQ) Full Year 2024 Results

Key Financial Results

• Revenue: CA$35.7b (flat on FY 2023).
• Net income: CA$6.11b (down 26% from FY 2023).
• Profit margin: 17% (down from 23% in FY 2023).
• EPS: CA$2.87 (down from CA$3.77 in FY 2023).

CNQ Production

Combined production

• Oil equivalent production: 426.382 MMboe (424.065 MMboe in FY 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Canadian Natural Resources EPS Misses Expectations

Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 16%.

The primary driver behind last 12 months revenue was the Exploration and Production - North America segment contributing a total revenue of CA$17.3b (48% of total revenue). Notably, cost of sales worth CA$18.1b amounted to 51% of total revenue thereby underscoring the impact on earnings. The largest operating expense was Depreciation & Amortisation (D&A) costs, amounting to CA$6.68b (58% of total expenses). Explore how CNQ's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Oil and Gas industry in Canada.

Performance of the Canadian Oil and Gas industry.

The company's share price is broadly unchanged from a week ago.

Risk Analysis

You should learn about the 1 warning sign we've spotted with Canadian Natural Resources.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.